如果不是13f，你根_老虎社区_美港股上老虎 - 老虎社区

1
评论
收藏

Doudou123
02-17

如果不是13f，你根本不知道他在耍什么，唱空自己捡货

一边警惕美股泡沫，一边重仓英伟达：达里奥的真实态度藏在13F里

达里奥讨论的始终是长周期的结构性问题，而非下一个季度的市场涨跌。13F 文件里的真实判断：桥水正在系统性押注"AI 基础能力”如果说宏观言论是达里奥的“防御姿态”，那么 13F 持仓报告则是他的“进攻路线图”。在达里奥看来，美国经济的长期问题是真实存在的，这意味着普涨的时代可能已经结束。当市场情绪在“美股是否见顶”与"AI 是否泡沫”之间反复摇摆时，桥水给出的答案并不在达里奥的访谈里，而是在冷冰冰的 13F 文件中。

一边警惕美股泡沫，一边重仓英伟达：达里奥的真实态度藏在13F里

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

1

举报

评论

推荐
最新

empty

暂无评论

热议股票

{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":533713189131808,"tweetId":"533713189131808","gmtCreate":1771322025447,"gmtModify":1771322027859,"author":{"id":4122648192477410,"idStr":"4122648192477410","authorId":4122648192477410,"authorIdStr":"4122648192477410","name":"Doudou123","avatar":"https://static.tigerbbs.com/74b0cd9b01c9419742ff66ed5ed5b858","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body><p>如果不是13f，你根本不知道他在耍什么，唱空自己捡货</p></body></html>","htmlText":"<html><head></head><body><p>如果不是13f，你根本不知道他在耍什么，唱空自己捡货</p></body></html>","text":"如果不是13f，你根本不知道他在耍什么，唱空自己捡货","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/533713189131808","repostId":2612431774,"repostType":2,"repost":{"id":"2612431774","kind":"news","weMediaInfo":{"introduction":"美股研究社，一个专注研究美股的平台，专业的美股投资人都在这。想了解美国股市行情、美股开户、美股资讯、美股公司；想获得一手美股重磅信息；想加入美股交流社群，敬请关注我们吧。","home_visible":0,"media_name":"美股研究社","id":"1074069735","head_image":"https://static.tigerbbs.com/e09c69c7ea1d4781a9de127f9b375dd6"},"pubTimestamp":1771311216,"share":"https://www.laohu8.com/m/news/2612431774?lang=zh_CN&edition=full","pubTime":"2026-02-17 14:53","market":"us","language":"zh","title":"一边警惕美股泡沫，一边重仓英伟达：达里奥的真实态度藏在13F里","url":"https://stock-news.laohu8.com/highlight/detail?id=2612431774","media":"美股研究社","summary":"达里奥讨论的始终是长周期的结构性问题，而非下一个季度的市场涨跌。13F 文件里的真实判断：桥水正在系统性押注\"AI 基础能力”如果说宏观言论是达里奥的“防御姿态”，那么 13F 持仓报告则是他的“进攻路线图”。在达里奥看来，美国经济的长期问题是真实存在的，这意味着普涨的时代可能已经结束。当市场情绪在“美股是否见顶”与\"AI 是否泡沫”之间反复摇摆时，桥水给出的答案并不在达里奥的访谈里，而是在冷冰冰的 13F 文件中。","content":"<html><head></head><body><p>过去几个月，全球投资界的目光再次聚焦在雷·达里奥（Ray Dalio）身上。作为桥水基金（Bridgewater Associates）的创始人，他的每一次公开表态都被视为宏观风向标。然而，这一次，市场捕捉到了一种微妙的张力。</p><p>一方面，在媒体访谈和公开信中，达里奥不断提醒市场警惕美国债务问题的恶化、财政赤字的不可持续性，以及长期货币体系面临的结构性压力。他的言辞恳切，甚至带着一丝预警的紧迫感，仿佛在暗示风暴将至。</p><p>另一方面，桥水基金最新披露的13F 文件却展示了另一番景象：其在多个关键科技股上的配置正在显著加码，尤其集中在 AI 与高端制造链条。如果只看言论，达里奥似乎对美股保持高度克制；但如果只看仓位，桥水却像是在为一轮结构性科技行情下重注。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e379e6c94dd845da1fd60493c405b977\" tg-width=\"1533\" tg-height=\"815\"/></p><p>这种“口嫌体正直”的现象，让许多投资者感到困惑：达里奥到底是在看空，还是在看多？</p><p>事实上，这并不是自相矛盾，而是达里奥一贯的投资逻辑在当下的投射：宏观上保持悲观，配置上寻找确定性。要理解桥水的真实意图，我们不能只听他说了什么，更要看他做了什么。</p><h2 id=\"id_2204857623\">“世界正在变得更危险”，但这并不等于“美股不可投”</h2><p>在宏观层面，达里奥近几个月的核心判断并没有发生根本变化。作为“债务周期”理论的坚定信奉者，他反复强调，美国经济正同时面临高债务、高利率与地缘政治不确定性叠加的复杂环境。在他的框架里，这种组合在历史上往往对应着较低的长期回报率，甚至可能引发货币贬值和购买力下降。他对“美国例外论”的警惕，也明显高于市场平均水平。</p><p>然而，许多投资者容易陷入一个误区：将宏观层面的“系统性风险”等同于短期市场的“全面崩盘”。</p><p>达里奥讨论的始终是长周期的结构性问题，而非下一个季度的市场涨跌。桥水基金在过去一年实现了12.41% 的收益率，略高于标普 500 指数的 12%。这一数据本身就说明了一个关键事实：在达里奥的框架中，“风险上升”并不等于“全面撤退”。</p><p>相反，当宏观不确定性提升，市场波动加剧时，桥水更倾向于通过精细的资产配置和行业选择，去捕捉“确定性相对更高的增长源”。这就像在暴风雨中航行的船长，他不会选择弃船跳海，而是会调整帆向，寻找风浪中相对平稳的航线。</p><p>理解这一点，是解读其科技股持仓变化的关键。达里奥的悲观是对“贝塔”（市场整体风险）的敬畏，而他的加仓是对“阿尔法”（超额收益机会）的捕捉。他并不否认美股中依然存在能够穿越周期的优质资产，只是这些资产的选择标准变得更为苛刻。</p><h2 id=\"id_391030553\">13F 文件里的真实判断：桥水正在系统性押注&#34;AI 基础能力”</h2><p>如果说宏观言论是达里奥的“防御姿态”，那么 13F 持仓报告则是他的“进攻路线图”。从桥水 2024 年第四季度到 2025 年第四季度的持仓变化来看，其科技股配置并非简单的追涨杀跌，而是呈现出极其清晰的结构偏好。</p><p>数据不会撒谎。英伟达（<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>）的持股数量同比增长 11%，达到 387 万股；半导体设备巨头 <a href=\"https://laohu8.com/S/LRCX\">Lam</a> Research 的增幅达到 20%；而企业软件巨头 <a href=\"https://laohu8.com/S/CRM\">Salesforce</a> 的持仓更是同比暴增 285%，成为增持幅度最大的个股。</p><p>这些标的并非随机组合，它们共同勾勒出了桥水对AI 产业链的深度思考：</p><p>英伟达代表的是AI 时代最核心的算力基础。无论哪家大模型最终胜出，对 GPU 的需求是确定性的，这是“卖水人”的逻辑。</p><p>Lam Research位于先进制程与资本开支的上游。芯片制造能力的扩张离不开设备支持，这是硬科技的基础设施。</p><p>Salesforce则是 AI 真正向企业管理、流程重构渗透的关键入口。相比于 C 端应用的不确定性，B 端企业为效率付费的意愿和能力更强，现金流更稳定。</p><p>与此同时，桥水对Alphabet（Google 母公司）的大幅减持更具信号意义。持仓数量同比下降 56%，显示出桥水对“流量型、广告型 AI 叙事”的谨慎态度。</p><p>这种取舍背后，并不是对AI 浪潮的怀疑，而是对“谁能真正把 AI 变成长期现金流”的再判断。在达里奥看来，单纯依靠广告流量变现的故事，在宏观经济承压时可能面临估值压缩；而掌握算力底层、设备上游以及企业级应用入口的公司，具备更强的定价权和抗周期能力。桥水正在用真金白银投票，押注 AI 的“基础设施”而非&#34;AI 的流量变现”。</p><h2 id=\"id_3809737896\">言论与仓位并不矛盾：达里奥真正看重的是“穿越周期的确定性”</h2><p>如果把达里奥的宏观警告与桥水的仓位调整放在同一张图景中，会发现它们高度一致，甚至可以说是互为表里。</p><p>在达里奥看来，美国经济的长期问题是真实存在的，这意味着普涨的时代可能已经结束。但是，全球资本依然需要一个流动性最强、创新能力最集中的市场作为配置核心。在“比烂”的全球资产选项中，美股依然是“最不坏”的选择。而在这个市场中，真正具备穿越周期能力的，往往不是宏观叙事最响亮的公司，而是那些掌握底层能力、站在技术扩散关键节点的企业。</p><p>桥水当前的持仓结构完美印证了这一逻辑。在其前几大持仓中，SPY 与 IVV 两只标普 500 ETF 合计占比超过 20%。这说明桥水并未系统性看空美股整体，依然保留了足够的市场贝塔暴露，以防止踏空风险。</p><p>而在个股层面，科技股的选择则明显向&#34;AI 基础设施 + 企业级应用”集中。这种“指数打底 + 结构性进攻”的组合，正是达里奥式投资的精髓：对宏观保持敬畏，对结构性机会保持进攻。</p><p>这种策略既规避了单一宏观风险事件带来的毁灭性打击，又确保了在技术革命浪潮中不失位。当市场情绪在“美股是否见顶”与&#34;AI 是否泡沫”之间反复摇摆时，桥水给出的答案并不在达里奥的访谈里，而是在冷冰冰的 13F 文件中。</p><h2 id=\"id_2030504442\">结语</h2><p>对于普通投资者而言，达里奥的“言行不一”其实是一堂生动的投资课。</p><p>在金融市场中，言论往往带有预期管理的成分，或是为了合规，或是为了影响市场情绪。而仓位才是机构用真金白银投出的信任票。达里奥的谨慎言辞，是在提醒我们不要忽视头顶的达摩克利斯之剑；而他的激进仓位，则是在告诉我们要敢于在不确定性中下注确定性。</p><p>当你在新闻中看到大佬们警告“危机来临”时，不妨多问一句：他的钱在哪里？</p><p>真正的信号，从来不在话术里，而在仓位里。在宏观迷雾笼罩的当下，或许我们不需要像达里奥那样预测风雨，但我们需要像他一样，找到那艘能穿越风雨的船。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>一边警惕美股泡沫，一边重仓英伟达：达里奥的真实态度藏在13F里</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n一边警惕美股泡沫，一边重仓英伟达：达里奥的真实态度藏在13F里\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/e09c69c7ea1d4781a9de127f9b375dd6);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">美股研究社 </p>\n<p class=\"h-time\">2026-02-17 14:53</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>过去几个月，全球投资界的目光再次聚焦在雷·达里奥（Ray Dalio）身上。作为桥水基金（Bridgewater Associates）的创始人，他的每一次公开表态都被视为宏观风向标。然而，这一次，市场捕捉到了一种微妙的张力。</p><p>一方面，在媒体访谈和公开信中，达里奥不断提醒市场警惕美国债务问题的恶化、财政赤字的不可持续性，以及长期货币体系面临的结构性压力。他的言辞恳切，甚至带着一丝预警的紧迫感，仿佛在暗示风暴将至。</p><p>另一方面，桥水基金最新披露的13F 文件却展示了另一番景象：其在多个关键科技股上的配置正在显著加码，尤其集中在 AI 与高端制造链条。如果只看言论，达里奥似乎对美股保持高度克制；但如果只看仓位，桥水却像是在为一轮结构性科技行情下重注。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e379e6c94dd845da1fd60493c405b977\" tg-width=\"1533\" tg-height=\"815\"/></p><p>这种“口嫌体正直”的现象，让许多投资者感到困惑：达里奥到底是在看空，还是在看多？</p><p>事实上，这并不是自相矛盾，而是达里奥一贯的投资逻辑在当下的投射：宏观上保持悲观，配置上寻找确定性。要理解桥水的真实意图，我们不能只听他说了什么，更要看他做了什么。</p><h2 id=\"id_2204857623\">“世界正在变得更危险”，但这并不等于“美股不可投”</h2><p>在宏观层面，达里奥近几个月的核心判断并没有发生根本变化。作为“债务周期”理论的坚定信奉者，他反复强调，美国经济正同时面临高债务、高利率与地缘政治不确定性叠加的复杂环境。在他的框架里，这种组合在历史上往往对应着较低的长期回报率，甚至可能引发货币贬值和购买力下降。他对“美国例外论”的警惕，也明显高于市场平均水平。</p><p>然而，许多投资者容易陷入一个误区：将宏观层面的“系统性风险”等同于短期市场的“全面崩盘”。</p><p>达里奥讨论的始终是长周期的结构性问题，而非下一个季度的市场涨跌。桥水基金在过去一年实现了12.41% 的收益率，略高于标普 500 指数的 12%。这一数据本身就说明了一个关键事实：在达里奥的框架中，“风险上升”并不等于“全面撤退”。</p><p>相反，当宏观不确定性提升，市场波动加剧时，桥水更倾向于通过精细的资产配置和行业选择，去捕捉“确定性相对更高的增长源”。这就像在暴风雨中航行的船长，他不会选择弃船跳海，而是会调整帆向，寻找风浪中相对平稳的航线。</p><p>理解这一点，是解读其科技股持仓变化的关键。达里奥的悲观是对“贝塔”（市场整体风险）的敬畏，而他的加仓是对“阿尔法”（超额收益机会）的捕捉。他并不否认美股中依然存在能够穿越周期的优质资产，只是这些资产的选择标准变得更为苛刻。</p><h2 id=\"id_391030553\">13F 文件里的真实判断：桥水正在系统性押注&#34;AI 基础能力”</h2><p>如果说宏观言论是达里奥的“防御姿态”，那么 13F 持仓报告则是他的“进攻路线图”。从桥水 2024 年第四季度到 2025 年第四季度的持仓变化来看，其科技股配置并非简单的追涨杀跌，而是呈现出极其清晰的结构偏好。</p><p>数据不会撒谎。英伟达（<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>）的持股数量同比增长 11%，达到 387 万股；半导体设备巨头 <a href=\"https://laohu8.com/S/LRCX\">Lam</a> Research 的增幅达到 20%；而企业软件巨头 <a href=\"https://laohu8.com/S/CRM\">Salesforce</a> 的持仓更是同比暴增 285%，成为增持幅度最大的个股。</p><p>这些标的并非随机组合，它们共同勾勒出了桥水对AI 产业链的深度思考：</p><p>英伟达代表的是AI 时代最核心的算力基础。无论哪家大模型最终胜出，对 GPU 的需求是确定性的，这是“卖水人”的逻辑。</p><p>Lam Research位于先进制程与资本开支的上游。芯片制造能力的扩张离不开设备支持，这是硬科技的基础设施。</p><p>Salesforce则是 AI 真正向企业管理、流程重构渗透的关键入口。相比于 C 端应用的不确定性，B 端企业为效率付费的意愿和能力更强，现金流更稳定。</p><p>与此同时，桥水对Alphabet（Google 母公司）的大幅减持更具信号意义。持仓数量同比下降 56%，显示出桥水对“流量型、广告型 AI 叙事”的谨慎态度。</p><p>这种取舍背后，并不是对AI 浪潮的怀疑，而是对“谁能真正把 AI 变成长期现金流”的再判断。在达里奥看来，单纯依靠广告流量变现的故事，在宏观经济承压时可能面临估值压缩；而掌握算力底层、设备上游以及企业级应用入口的公司，具备更强的定价权和抗周期能力。桥水正在用真金白银投票，押注 AI 的“基础设施”而非&#34;AI 的流量变现”。</p><h2 id=\"id_3809737896\">言论与仓位并不矛盾：达里奥真正看重的是“穿越周期的确定性”</h2><p>如果把达里奥的宏观警告与桥水的仓位调整放在同一张图景中，会发现它们高度一致，甚至可以说是互为表里。</p><p>在达里奥看来，美国经济的长期问题是真实存在的，这意味着普涨的时代可能已经结束。但是，全球资本依然需要一个流动性最强、创新能力最集中的市场作为配置核心。在“比烂”的全球资产选项中，美股依然是“最不坏”的选择。而在这个市场中，真正具备穿越周期能力的，往往不是宏观叙事最响亮的公司，而是那些掌握底层能力、站在技术扩散关键节点的企业。</p><p>桥水当前的持仓结构完美印证了这一逻辑。在其前几大持仓中，SPY 与 IVV 两只标普 500 ETF 合计占比超过 20%。这说明桥水并未系统性看空美股整体，依然保留了足够的市场贝塔暴露，以防止踏空风险。</p><p>而在个股层面，科技股的选择则明显向&#34;AI 基础设施 + 企业级应用”集中。这种“指数打底 + 结构性进攻”的组合，正是达里奥式投资的精髓：对宏观保持敬畏，对结构性机会保持进攻。</p><p>这种策略既规避了单一宏观风险事件带来的毁灭性打击，又确保了在技术革命浪潮中不失位。当市场情绪在“美股是否见顶”与&#34;AI 是否泡沫”之间反复摇摆时，桥水给出的答案并不在达里奥的访谈里，而是在冷冰冰的 13F 文件中。</p><h2 id=\"id_2030504442\">结语</h2><p>对于普通投资者而言，达里奥的“言行不一”其实是一堂生动的投资课。</p><p>在金融市场中，言论往往带有预期管理的成分，或是为了合规，或是为了影响市场情绪。而仓位才是机构用真金白银投出的信任票。达里奥的谨慎言辞，是在提醒我们不要忽视头顶的达摩克利斯之剑；而他的激进仓位，则是在告诉我们要敢于在不确定性中下注确定性。</p><p>当你在新闻中看到大佬们警告“危机来临”时，不妨多问一句：他的钱在哪里？</p><p>真正的信号，从来不在话术里，而在仓位里。在宏观迷雾笼罩的当下，或许我们不需要像达里奥那样预测风雨，但我们需要像他一样，找到那艘能穿越风雨的船。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e68f18a297e419bae3cc0320b6d8ff4e","relate_stocks":{"IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","BK4605":"半导体精选","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","SG9999014559.SGD":"United Income Focus Trust Dis SGD","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","BK4608":"AI应用概念股","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","BK4527":"明星科技股","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","SG9999015358.SGD":"United Income Focus Trust Dis SGD-H","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","DIPS":"做空NVDA期权收益策略ETF-YieldMax","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","BK4612":"AI芯片","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","BK4614":"Manus概念股","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","BK4532":"文艺复兴科技持仓","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","BK4534":"瑞士信贷持仓","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","BK4141":"半导体产品","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4535":"淡马锡持仓","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","UWM":"罗素2000指数ETF两倍做多","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","BK4503":"景林资产持仓","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU1633808545.USD":"ALLIANZ GLOBAL EQUITY GROWTH \"AT\" (USD) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","IWN":"罗素2000价值股指数ETF-iShares","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","IWO":"罗素2000成长股指数ETF","LU2413666426.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (HKD) ACC","LU0882574139.USD":"富达环球消费行业基金A ACC","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","SG9999015978.USD":"利安颠覆性创新基金A","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU1861127337.USD":"ALLIANZ GLOBAL MULTI ASSET SUSTAINABILITY BALANCED \"AMG\" (USD) INC","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU0557290698.USD":"施罗德环球可持续增长基金","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0056508442.USD":"贝莱德世界科技基金A2","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","TNA":"罗素2000指数三倍做多ETF-Direxion","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","SRTY":"罗素2000指数三倍做空ETF-ProShares","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU0080751232.USD":"富达环球多元动力基金A","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","BK4579":"人工智能","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU0061474960.USD":"天利环球焦点基金AU Acc","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","BK4581":"高盛持仓","LU1821325948.USD":"NINETY ONE GSF GLOBAL MACRO ALLOCATION \"A\" (USD) ACC","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","SG9999002232.USD":"Allianz Global High Payout USD","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","LU0347712357.USD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (USD) ACC","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","SG9999002224.SGD":"Allianz Global High Payout SGD","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","LU0079474960.USD":"联博美国增长基金A","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU1623119135.USD":"Natixis Mirova Global Sustainable Equity R-NPF/A USD","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","TWM":"罗素2000指数两倍做空ETF","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","LU2272731865.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AM\" (HKD) INC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","NVD2.UK":"2X NVIDIA ETP","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","RWM":"罗素2000指数反向ETF","NVD3.UK":"LS 3X NVIDIA","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU0238689110.USD":"贝莱德环球动力股票基金","LU2322448791.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (USD) INC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0109391861.USD":"富兰克林美国机遇基金A Acc","NVDS.UK":"LS -1X NVIDIA","LU2322448957.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (HKD) INC","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU0072462426.USD":"贝莱德全球配置 A2","BK4567":"ESG概念","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","NVD":"2倍做空NVDA ETF-GraniteShares","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","NVDD":"1倍做空NVDA ETF-Direxion","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","NVDG":"2倍做多NVDA ETF- Leverage Shares","3NVD.UK":"LS 3X NVIDIA","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","NVDQ":"2倍做空NVDA ETF-T-Rex","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","TZA":"罗素2000指数三倍做空ETF","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","SNVD.UK":"LS -1X NVIDIA","NVDS":"1.5倍做空NVDA ETF-Tradr","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","LU0861579265.USD":"联博低波幅策略股票基金A","NVDU":"2倍做多NVDA ETF-Direxion","LU2413666699.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"CRH\" (HKDHDG) INC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","LU0109392836.USD":"富兰克林科技股A","NVDW":"NVDA周配息ETF-Roundhill","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","NVDX":"2倍做多NVDA ETF-T-Rex","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","NVDY":"NVDA期权收益策略ETF-YieldMax","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","NVII":"Rex NVDA Growth & Income ETF","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0444971666.USD":"天利全球科技基金","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","BK4543":"AI","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","BK4592":"伊斯兰概念","BK4549":"软银资本持仓","BK4548":"巴美列捷福持仓","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","2NVD.UK":"2X NVIDIA ETP","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU1917777945.USD":"安联专题基金Cl AT Acc","BK4554":"元宇宙及AR概念","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG)       ACC","LU1923622614.USD":"Natixis Thematics Meta R/A USD","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","BK4585":"ETF&股票定投概念","LU2125909759.SGD":"Natixis Thematics Safety H-R/A SGD","SG9999014542.SGD":"United Income Focus Trust Acc SGD","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","BK4587":"ChatGPT概念","LU1923622291.USD":"Natixis Thematics Safety R/A USD","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","BK4588":"碎股","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","BK4550":"红杉资本持仓","LU2063271972.USD":"富兰克林创新领域基金","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","NVDA":"英伟达","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","BK4598":"佩洛西持仓","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","BK4551":"寇图资本持仓","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","NVIW.SI":"NVDA 3xLongSG261006","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","BK4529":"IDC概念","LU0823414478.USD":"法巴经典能源转换基金","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","SG9999001424.SGD":"United E-Commerce Fund SGD","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260217123621a4ac4a41&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2612431774","content_text":"过去几个月，全球投资界的目光再次聚焦在雷·达里奥（Ray Dalio）身上。作为桥水基金（Bridgewater Associates）的创始人，他的每一次公开表态都被视为宏观风向标。然而，这一次，市场捕捉到了一种微妙的张力。一方面，在媒体访谈和公开信中，达里奥不断提醒市场警惕美国债务问题的恶化、财政赤字的不可持续性，以及长期货币体系面临的结构性压力。他的言辞恳切，甚至带着一丝预警的紧迫感，仿佛在暗示风暴将至。另一方面，桥水基金最新披露的13F 文件却展示了另一番景象：其在多个关键科技股上的配置正在显著加码，尤其集中在 AI 与高端制造链条。如果只看言论，达里奥似乎对美股保持高度克制；但如果只看仓位，桥水却像是在为一轮结构性科技行情下重注。这种“口嫌体正直”的现象，让许多投资者感到困惑：达里奥到底是在看空，还是在看多？事实上，这并不是自相矛盾，而是达里奥一贯的投资逻辑在当下的投射：宏观上保持悲观，配置上寻找确定性。要理解桥水的真实意图，我们不能只听他说了什么，更要看他做了什么。“世界正在变得更危险”，但这并不等于“美股不可投”在宏观层面，达里奥近几个月的核心判断并没有发生根本变化。作为“债务周期”理论的坚定信奉者，他反复强调，美国经济正同时面临高债务、高利率与地缘政治不确定性叠加的复杂环境。在他的框架里，这种组合在历史上往往对应着较低的长期回报率，甚至可能引发货币贬值和购买力下降。他对“美国例外论”的警惕，也明显高于市场平均水平。然而，许多投资者容易陷入一个误区：将宏观层面的“系统性风险”等同于短期市场的“全面崩盘”。达里奥讨论的始终是长周期的结构性问题，而非下一个季度的市场涨跌。桥水基金在过去一年实现了12.41% 的收益率，略高于标普 500 指数的 12%。这一数据本身就说明了一个关键事实：在达里奥的框架中，“风险上升”并不等于“全面撤退”。相反，当宏观不确定性提升，市场波动加剧时，桥水更倾向于通过精细的资产配置和行业选择，去捕捉“确定性相对更高的增长源”。这就像在暴风雨中航行的船长，他不会选择弃船跳海，而是会调整帆向，寻找风浪中相对平稳的航线。理解这一点，是解读其科技股持仓变化的关键。达里奥的悲观是对“贝塔”（市场整体风险）的敬畏，而他的加仓是对“阿尔法”（超额收益机会）的捕捉。他并不否认美股中依然存在能够穿越周期的优质资产，只是这些资产的选择标准变得更为苛刻。13F 文件里的真实判断：桥水正在系统性押注\"AI 基础能力”如果说宏观言论是达里奥的“防御姿态”，那么 13F 持仓报告则是他的“进攻路线图”。从桥水 2024 年第四季度到 2025 年第四季度的持仓变化来看，其科技股配置并非简单的追涨杀跌，而是呈现出极其清晰的结构偏好。数据不会撒谎。英伟达（Nvidia）的持股数量同比增长 11%，达到 387 万股；半导体设备巨头 Lam Research 的增幅达到 20%；而企业软件巨头 Salesforce 的持仓更是同比暴增 285%，成为增持幅度最大的个股。这些标的并非随机组合，它们共同勾勒出了桥水对AI 产业链的深度思考：英伟达代表的是AI 时代最核心的算力基础。无论哪家大模型最终胜出，对 GPU 的需求是确定性的，这是“卖水人”的逻辑。Lam Research位于先进制程与资本开支的上游。芯片制造能力的扩张离不开设备支持，这是硬科技的基础设施。Salesforce则是 AI 真正向企业管理、流程重构渗透的关键入口。相比于 C 端应用的不确定性，B 端企业为效率付费的意愿和能力更强，现金流更稳定。与此同时，桥水对Alphabet（Google 母公司）的大幅减持更具信号意义。持仓数量同比下降 56%，显示出桥水对“流量型、广告型 AI 叙事”的谨慎态度。这种取舍背后，并不是对AI 浪潮的怀疑，而是对“谁能真正把 AI 变成长期现金流”的再判断。在达里奥看来，单纯依靠广告流量变现的故事，在宏观经济承压时可能面临估值压缩；而掌握算力底层、设备上游以及企业级应用入口的公司，具备更强的定价权和抗周期能力。桥水正在用真金白银投票，押注 AI 的“基础设施”而非\"AI 的流量变现”。言论与仓位并不矛盾：达里奥真正看重的是“穿越周期的确定性”如果把达里奥的宏观警告与桥水的仓位调整放在同一张图景中，会发现它们高度一致，甚至可以说是互为表里。在达里奥看来，美国经济的长期问题是真实存在的，这意味着普涨的时代可能已经结束。但是，全球资本依然需要一个流动性最强、创新能力最集中的市场作为配置核心。在“比烂”的全球资产选项中，美股依然是“最不坏”的选择。而在这个市场中，真正具备穿越周期能力的，往往不是宏观叙事最响亮的公司，而是那些掌握底层能力、站在技术扩散关键节点的企业。桥水当前的持仓结构完美印证了这一逻辑。在其前几大持仓中，SPY 与 IVV 两只标普 500 ETF 合计占比超过 20%。这说明桥水并未系统性看空美股整体，依然保留了足够的市场贝塔暴露，以防止踏空风险。而在个股层面，科技股的选择则明显向\"AI 基础设施 + 企业级应用”集中。这种“指数打底 + 结构性进攻”的组合，正是达里奥式投资的精髓：对宏观保持敬畏，对结构性机会保持进攻。这种策略既规避了单一宏观风险事件带来的毁灭性打击，又确保了在技术革命浪潮中不失位。当市场情绪在“美股是否见顶”与\"AI 是否泡沫”之间反复摇摆时，桥水给出的答案并不在达里奥的访谈里，而是在冷冰冰的 13F 文件中。结语对于普通投资者而言，达里奥的“言行不一”其实是一堂生动的投资课。在金融市场中，言论往往带有预期管理的成分，或是为了合规，或是为了影响市场情绪。而仓位才是机构用真金白银投出的信任票。达里奥的谨慎言辞，是在提醒我们不要忽视头顶的达摩克利斯之剑；而他的激进仓位，则是在告诉我们要敢于在不确定性中下注确定性。当你在新闻中看到大佬们警告“危机来临”时，不妨多问一句：他的钱在哪里？真正的信号，从来不在话术里，而在仓位里。在宏观迷雾笼罩的当下，或许我们不需要像达里奥那样预测风雨，但我们需要像他一样，找到那艘能穿越风雨的船。","news_type":1,"symbols_score_info":{"NVII":0.6,"NVDY":0.6,"NVDQ":0.6,"NVDS":0.6,"SRTY":0.6,"NVDX":0.6,"3NVD.UK":0.6,"NVDA":1.94,"UWM":0.6,"DIPS":0.6,"NVDS.UK":0.6,"IWN":0.6,"NVDD":0.6,"2NVD.UK":0.6,"SNVD.UK":0.6,"NVDG":0.6,"TZA":0.6,"NVIW.SI":0.6,"NVD":0.6,"RWM":0.6,"NVDU":0.6,"NVD3.UK":0.6,"NVD2.UK":0.6,"IWO":0.6,"MNQmain":0.6,"NVDW":0.6,"TWM":0.6,"TNA":0.6}},"isVote":1,"tweetType":1,"viewCount":27,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":47,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}